The Gindi family is shopping for a tenant to fill the 60,000-square-foot hole that Century 21 left behind — and it’s offering up a discount.
The family’s ASG Equities is offering free rent while the space at 25 Church Street is being built out, Crain’s reported. The landlord is also putting walls back up to once again separate the property from 22 Cortlandt Street.
After Century 21 filed for bankruptcy and closed its stores last year, the Gindis purchased the retailer’s intellectual property for $9 million. The family said they would reopen select stores, but not the Financial District location, which it has owned for nearly three decades.
“[A new tenant] is going to be a pivotal piece in the revitalization of the Financial District,” George Karnoupakis, ASG’s head of asset management, told the publication.
The landlord’s preference is to lease the entire space to a tenant for a flagship store, though the property can be split up for multiple users. The property spans five floors, the upper two being office space.
Though Lower Manhattan’s retail availability has increased, asking rents have remained at around $365 per square foot, according to data from Cushman and Wakefield. Availability increased to 23.5 percent in the fourth quarter of 2020, up from 18.2 percent a year earlier.
[Crain’s] — Sasha Jones